In a highly volatile trading session, Nifty concluded the day’s trade with minor losses after hitting record highs in opening trades. India VIX was down by 1.37%. Market opened at all-time high level but soon came off from high and entered into red even after gross Goods and Services Tax (GST) collection surged 8 per cent to Rs 1.74 lakh crore in June 2024 as compared to Rs 1.61 lakh crore mopped up in June 2023, reflecting a buoyant economy, with businesses demonstrating commendable self-compliance. Market altered between positive and negative territories in afternoon session as traders were cautious after the Indian government has raised the windfall tax on petroleum crude to 6,000 rupees per metric ton from 3,250 rupees, with effect from July 2. The Special Additional Excise Duty (SAED) on the export of diesel, petrol, and ATF is to continue at nil. Investors overlooked private report that Union ministry of finance said the number of e-way bills generated in the last financial year had recorded a 16 percent growth over FY23, indicating a robust economic growth. In late afternoon session, index continued its muted trade and ended slightly in red.
Most of the sectorial indices ended in red except IT, Media and Realty stocks. The top gainers from the F&O segment were Godrej Properties, Samvardhana Motherson International and Deepak Nitrite. On the other hand, the top losers Shriram Finance, Vodafone Idea and Can Fin Homes. In the index option segment, maximum OI continues to be seen in the 24900 - 25100 calls and 21000 - 24000 puts indicating this is the trading range expectation.
